Duke to replace Scott as Wal-Mart CEO

November 20, 2008

Wal-Mart Stores, ranked third on the HCN Top 500 list of home channel retailers, elected Mike Duke to succeed Lee Scott as president and CEO, effective Feb. 1, 2009. Duke was also elected to the company's board of directors, effective immediately. Scott will continue serving as chairman of the executive committee of the board.

Eduardo Castro-Wright, president and CEP of Wal-Mart U.S., will now assume the additional role of vice chairman of Wal-Mart Stores, effective immediately. His responsibilities will now include overseeing the company's global procurement operation.

"This management change occurs at a time of strength and momentum for Wal-Mart," said Rob Walton, chairman of the Wal-Mart board of directors. "Our overall management team has never been stronger. We are confident that the strategy we have in place is the right one for future success, and Mike has been actively involved in developing and executing this strategy."

Duke has lead Wal-Mart International since 2005, during which time the business has grown to 3,200 stores and 620,000 associates in 14 markets outside the continental United States. He joined Wal-Mart in 1995. Prior to joining the Bentonville, Ark.-based retail giant, he worked for Federated Department Stores and May Department Stores.

The company indicated that it plans to make an announcement on Duke's successor as president of Wal-Mart International by the end of the fiscal year.